OHFA BOARD COMMITS $1.5 MILLION FOR NELSONVILLE DEVELOPMENT, ALLOCATES MORE THAN $26.1 MILLION TO ADDITIONAL AFFORDABLE HOUSING INITIATIVES

COLUMBUS – (RealEstateRama) — On Wednesday, February 17, 2016, the Ohio Housing Finance Agency (OHFA) Board voted to award a $1.5 million Housing Development Loan (HDL) for the adaptive reuse of the Nelsonville School Commons in Nelsonville, Athens County. The development will convert the former Nelsonville High School and Junior High into 15 one-bedroom and 18 two-bedroom units in a three-story elevator building. Units will be developed by The Woda Group, Inc. and will be affordable to households at or below 60% AMGI. This Workforce Housing project partners with Rocky Brands, which will lease space in the building and has pledged to bring at least 20 new permanent jobs to Nelsonville, employing residents.

The Board also approved:

An additional $10 million through the HDL program. The HDL provides financial assistance for the development and rehabilitation of affordable housing through unclaimed funds from the Ohio Department of Commerce.

More than $2.2 million through the Housing Development Assistance Program (HDAP) to provide flexible, low-interest financing for affordable housing developments across the state. Funding for HDAP comes from the Ohio Housing Trust Fund (OHTF) and the federal HOME program.

The Board also approved the issuance of up to $9.2 million in Multifamily Housing Revenue Bonds and a Multifamily Lending Program (MLP) loan in the amount of $1.9 million.

Additionally, the Board approved $4.28 million in Capital Funding to End Homelessness Initiative (CFEHI) funds. These funds are a one-time boost to the local Continuum of Care to assist with their strategies to end homelessness in Ohio. The CFEHI is in addition to programming that OHFA already provides annually to finance permanent supportive housing.

Developments receiving funding include:

Chapel Street Apartments, Cincinnati, Hamilton County, for the rehabilitation of 24 units in a three-story permanent supportive housing development that will serve extremely low-income populations. Five units will be affordable to households at or below 30% AMGI, five units will be affordable to households at or below 50% AMGI, and 14 units will be affordable to households at or below 60% AMGI. All units will have project based subsidy from the local Continuum of Care.

Wellness Village at Midway/Mahoning Road Elderly, Canton, Stark County, for the construction of 36 two-bedroom units in a two-story elevator building containing 28 units and eight one-story cottages with garages. Four units will be affordable to households at or below 30% AMGI, 11 units will be affordable to households at or below 50% AMGI and 21 units will be affordable to households at or below 60% AMGI.

The Lofts at Lion Mills, Cleveland, Cuyahoga County, for the adaptive reuse of the former Lion Knitting Mill. A total of 36 units will be constructed, comprised of 21 one bedroom units and 15 two bedroom units. Four units will be affordable to households at or below 30% AMGI, 11 units will be affordable to households at or below 50% AMGI and 21 units will be affordable to households at or below 60% AMGI.

The Sheakley Center for Youth, Cincinnati, Hamilton County, for the adaptive reuse of an existing warehouse to create 39 units in a four-story building. The project will target homeless youth and young adults, ages 18-24. Four units will be affordable to households at or below 30% AMGI, 12 units will be affordable to households at or below 50% AMGI, and 23 units will be affordable to households at or below 60% AMGI. All units will receive rental subsidy through the continuum of care.

HDL: $2 million
Developer: The Model Group, Inc.

Poindexter Phase IIB, Columbus, Franklin County, for the new construction of 87 one-, two- and three-bedroom units in 20 two and three story buildings. Nine units will be affordable to households at or below 30% AMGI, 13 units will be affordable to households at or below 50% AMGI, and 31 units will be affordable to households at or below 60% AMGI. Thirty-four units will be market-rate.

HDL: $1.5 million
Developer: McCormack Baron Salazar, Inc.

Coleman TAY, Kent, Portage County, for the new construction of one building with 11 units of supportive housing. One unit will be occupied by the Resident Manager. The remaining ten units will be affordable to and occupied by households at or below 35% of the AMGI and will be designated for transitional age young adults who experience homelessness, many of whom also have co-occurring disabilities.

The Center for Hope and Healing, Akron, Summit County, for the adaptive reuse of a three‐story vacant nursing home into 156 beds of emergency shelter for women who are fleeing domestic violence, in addition to other homeless individuals. The Center will replace two 1930’s era buildings that serve as the county’s only domestic violence shelters. The Center will offer job training in the kitchen, in addition to a computer room, beauty salon and a daycare facility.

The Key Terrace, Kettering, Montgomery County, for the construction of 40 units of permanent supportive housing for formerly homeless individuals with severe mental illness. The development will also project take advantage of resources through the Ohio Mental Health and Addiction Services (OMHAS), Montgomery County Housing Trust Fund, Federal Home Loan Bank of Cincinnati, and HOME funds through the City of Kettering and Montgomery County.

Indian Lake Villa, Russells Point, Logan County, for the acquisition and rehabilitation of an existing 50 unit two-story elevator-served apartment building consisting of all one-bedroom units for elderly residents. All units are covered by a Project-Based Section 8 HAP Contract and residents receive free assistance from an on-site coordinator funded by a HUD service coordination grant.

Multifamily Housing Revenue Bonds: Up to $6.2 million
Multifamily Lending Program: $1.9 million
Developer: National Church Residences

For more information regarding HDL or other affordable housing programs, please contact OHFA at 888-362-6432.

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About the Ohio Housing Finance Agency
OHFA is a self-supporting quasi-public agency governed by an eleven member board. The Agency uses federal and state resources to provide housing opportunities for families and individuals through programs designed to develop, preserve and sustain affordable housing throughout the state of Ohio.

OHFA utilizes federal and state resources to provide housing opportunities for families and individuals through programs designed to create, preserve, and manage affordable housing throughout the State of Ohio. The Agency is a self-supporting quasi-public agency governed by an eleven-member board, nine of whom are appointed by the Governor and confirmed by the Senate. Two additional seats on the board, by statute, are reserved for the Director of Development and the Director of Commerce or their designees, and both serve as ex officio voting members

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